Evening News | ARK sells approximately $75 million worth of Coinbase stock; Tether plans to liquidate all its commercial paper holdings

Organizer: Runsheng, Chain Catcher

"What Important Events Happened in the Last 24 Hours"

1. ARK Sells Approximately $75 Million Worth of COIN Shares at an Average Price of $53

Whale tracking account @unusual_whales tweeted today that ARK Invest sold nearly 1.41 million shares of Coinbase at a low price of $53 (totaling approximately $74.73 million), while ARK's average cost for COIN shares was $254.65.

At the same time, Coinbase's stock closed down 21% today, with a closing price of $52.9. Additionally, the U.S. Securities and Exchange Commission is investigating whether Coinbase improperly allowed users to trade digital assets that should have been registered as securities. (Source link)

2. Tether Plans to Liquidate All Commercial Paper Holdings by November

Stablecoin issuer Tether announced that as of today, its total exposure to commercial paper has decreased to approximately $3.7 billion (down from $30 billion in July 2021), and it plans to further reduce this to about $200 million by the end of August 2022, and to zero by the end of October or early November 2022. Furthermore, its portfolio does not hold any Chinese commercial paper.

Tether stated that the spread of false information is currently the biggest threat to the cryptocurrency industry, and it will continue to ensure a diversified portfolio while limiting risk exposure to individual issuers or assets. (Source link)

3. Mirror Launches Web3 Subscription Service, Readers Can Connect Wallets to Subscribe to Content

Mirror announced the launch of a web3 subscription service. The new feature allows readers to subscribe to any content published on Mirror using their wallets and receive email notifications when new content is released. Mirror stated that wallet-based communities will foster new modes of creation, participation, and business models. (Source link)

4. South Korean Prosecutors Issue "Entry Notification" for Do Kwon and Restrict Terraform Executives from Leaving the Country

According to South Korean media Dong-A Ilbo, South Korean prosecutors have issued an "entry notification" for Do Kwon regarding fraud charges related to the collapse of Terra and Luna, and have issued exit bans for current and former executives of Terraform Labs, including co-founder Shin Hyun-seong and former vice president Kim Mo. It is reported that Do Kwon is currently staying in Singapore.

Previously, on July 20, South Korean prosecutors raided several cryptocurrency exchanges in South Korea to investigate the collapse of Terra and related fraud cases, seizing new evidence of money laundering related to Terra. (Source link)

5. Unstoppable Domains Completes $65 Million Series A Financing at a $1 Billion Valuation, Led by Pantera Capital

Web3 digital identity platform Unstoppable Domains announced on Wednesday that it raised $65 million in Series A financing, achieving a valuation of $1 billion. This round was led by Pantera Capital, with participation from Mayfield, Gangeels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, and CoinGecko.

Unstoppable Domains is a company that builds digital identity tokens as non-fungible tokens (NFTs) and intends to use the funds to reduce friction in cryptocurrency payments between applications and establish a reputation-based reward program. (The Block)

6. Immutable Game Studio May Have Laid Off Several Blockchain Game Designers

According to NFT Gators, senior game designer James Wakeham revealed on Twitter that Immutable Game Studio has laid off several employees, including himself. James Wakeham stated that his contract with Immutable includes a 6-month non-compete clause, meaning he cannot work in the Web3 space even after being laid off.

Previously, Ethereum NFT scaling solution provider Immutable announced the launch of a $500 million venture capital fund to promote Web3 gaming adoption. This funding will be used to support projects building Web3 games and NFTs on its L2 scaling platform, Immutable X. Immutable Game Studio developed the card game Gods Unchained and the RPG Guild of Guardians. (Source link)

7. AntPool Invests $10 Million to Support the ETC Ecosystem, Bitmain Accepts ETC Payments for Mining Machines

AntPool CEO Lv Lei stated at the World Digital Mining Summit on Tuesday that they have invested $10 million to support the ETC ecosystem and plan to continue investing more funds. The $10 million will be used for application development and exploration on the ETC mainnet to enhance the overall performance of the network. Additionally, Bitmain announced at the conference that it will support ETC payments for all Antminer models. (CoinDesk)

8. Harmony Releases Compensation Proposal for Horizon Theft Incident, Plans to Mint Additional ONE Tokens

Harmony today released a compensation proposal for the cross-chain bridge Horizon theft incident, planning to hard fork the Harmony blockchain to increase the supply of ONE tokens and compensate affected users in the form of ONE tokens over three years, with monthly distributions. The proposal allocates 86 million ONE tokens to support a few DeFi lending protocols and maintain ecosystem operations. It is reported that the Horizon theft incident resulted in the loss of approximately 65,000 wallets and assets worth $99,340,030.

The proposal offers two compensation options: Option 1 estimates a 100% reimbursement, minting 4.97 billion ONE tokens, which means issuing 138 million ONE tokens monthly for three years (valued at $2.76 million based on a price of $0.020). Option 2 estimates a 50% reimbursement, minting 2.48 billion ONE tokens, issuing 69 million ONE tokens monthly for three years (valued at $1.38 million based on a price of $0.020).

Voting on the proposal by the community will start on August 1 and end on August 15. It is reported that the community generally holds a negative attitude, with users concerned about the impact of increased token supply on the price of ONE. (CoinDesk)

"What Interesting Articles Are Worth Reading in the Last 24 Hours"

1. Foresight Ventures: Mapping, Classifying, and Dominating MEV

The transaction ordering in Ethereum blocks has never been constrained by fixed rules; instead, it can be freely modified according to miners' preferences. In fact, ordering is completely open-ended, allowing miners to adjust it to capture greater profits, which is known as MEV. MEV bots are omnipresent in the blockchain's dark forest and always dominate. The author clarifies the concept and categories of MEV and addresses the pros and cons of MEV and how we should respond to it.

2. Crypto Native: The Narrative Shift from Bitcoin to Web3.0

The cryptocurrency has gone through several bull and bear cycles, with countless changes along the way. This article reviews the history of the crypto industry, outlining four stages: the Genesis Era (2008-2012), the Enlightenment Era (2013-2015), the Industrial Revolution (2016-2019), and the Age of Exploration (2020-2022). The author believes that Bitcoin and the crypto industry, after experiencing numerous "deaths," have been reborn like a phoenix, triggering significant transformations across finance, gaming, art, and other fields. The thousands of changes and innovations that have arisen continue to occur, but Bitcoin and various crypto technologies are merely the concrete manifestations of the narrative, while the ideas they represent behind these manifestations embody the spirit and true soul of the crypto industry: the fairness and justice represented by decentralization.